1Return After Taxes on Distributions are adjusted for federal income taxes associated with fund distributions but do not reflect the federal income tax impact of gains or losses recognized when fund shares are sold. Although these returns assume that an investor continued to hold shares for the purposes of reflecting the federal income tax impact of sale of fund shares, they assume that an investor sold the shares for purposes of reflecting deduction of fees and charges payable upon sale.

2Return After Taxes on Distributions and Sale of Fund Shares are adjusted for federal income taxes associated with fund distributions and reflect the federal income tax impact of gains or losses recognized when fund shares are sold. These returns reflect deductions of fees and charges payable upon a redemption of fund shares, such as sales charges or redemption fees.

3On 1/1/13 the individual tax rate increased from 35% to 39.6%.

**Returns are calculated starting from the month end previous to the performance inception date. The performance quoted is past performance and is not a guarantee of future results.

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

Annual operating expenses (%)

Expense cap expiration date

06/30/2015

Expense cap

1.40%

Total annual operating expenses

1.66%

Fee waivers and/or expense reimbursements

0.26%

Net expenses

1.40%

Net Expenses,Fee waivers and/or expense reimbursementsThe Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

Ratings (as of 2/28/2015)

Morningstar overall rating:

(179 funds)

Morningstar category:

Muni National Short

Overall rating C Shares; Muni National Short Category; 179 funds. Three year rating 1 stars; 179 funds. Five year period not yet rated; 10 year period not yet rated.

2015, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings.

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund has the ability to invest in municipal securities, the income from which is exempt from federal income tax. The risk of a municipal obligation generally depends on the financial and credit status of the issuer.

The Fund has the ability to invest up to 100% of its total assets in municipal securities. Under normal circumstances, the Fund will invest at least 80% of its assets in municipal securities.

The Fund may also invest up to 20% of its assets in a wide variety of taxable debt securities of issuers from the U.S. and other markets, both developed and emerging.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

The Fund has the ability to invest up to 50% of its total assets in high yield securities.

The Fund may invest in derivatives that may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions and could result in losses that significantly exceed the Fund's original investment. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund has an absolute return orientation which means that it is not managed relative to an index.

1Please refer to the prospectus for additional information about cut-off times.

The Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The iMoneyNet Tax-Free National Average is an average of all tax-free and municipal, U.S.-domiciled institutional and retail money market funds. The performance of the Average does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper General & Insured Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.

1Return After Taxes on Distributions are adjusted for federal income taxes associated with fund distributions but do not reflect the federal income tax impact of gains or losses recognized when fund shares are sold. Although these returns assume that an investor continued to hold shares for the purposes of reflecting the federal income tax impact of sale of fund shares, they assume that an investor sold the shares for purposes of reflecting deduction of fees and charges payable upon sale.

2Return After Taxes on Distributions and Sale of Fund Shares are adjusted for federal income taxes associated with fund distributions and reflect the federal income tax impact of gains or losses recognized when fund shares are sold. These returns reflect deductions of fees and charges payable upon a redemption of fund shares, such as sales charges or redemption fees.

3On 1/1/13 the individual tax rate increased from 35% to 39.6%.

**Returns are calculated starting from the month end previous to the performance inception date. The performance quoted is past performance and is not a guarantee of future results.

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

Net Expenses,Fee waivers and/or expense reimbursementsThe Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

Yields

12/31/2014

2/28/2015

30-Day SEC Yield

-0.16%

-0.07%

30-Day SEC Yield (Unsubsidized)

-0.39%

-0.42%

Morningstar ratings (as of 2/28/2015)

Morningstar category:Muni National Short

Overall

179 funds in category

3 Year

179 funds in category

2015, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund has the ability to invest in municipal securities, the income from which is exempt from federal income tax. The risk of a municipal obligation generally depends on the financial and credit status of the issuer.

The Fund has the ability to invest up to 100% of its total assets in municipal securities. Under normal circumstances, the Fund will invest at least 80% of its assets in municipal securities.

The Fund may also invest up to 20% of its assets in a wide variety of taxable debt securities of issuers from the U.S. and other markets, both developed and emerging.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

The Fund has the ability to invest up to 50% of its total assets in high yield securities.

The Fund may invest in derivatives that may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions and could result in losses that significantly exceed the Fund's original investment. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund has an absolute return orientation which means that it is not managed relative to an index.

The Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The iMoneyNet Tax-Free National Average is an average of all tax-free and municipal, U.S.-domiciled institutional and retail money market funds. The performance of the Average does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper General & Insured Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.

†The duration of the fund includes the impact of the derivative positions.

Sector allocation (%)
(as of 2/28/2015)

Alternative Credit

2.7

CMBS/ABS

0.5

Credit Relative Value (RV)^

5.4

EMD/Sovereign

0.4

Invest Grade Corp

0.6

Muni Cash

16.3

Municipal Bonds

67.1

Non-Agency MBS

4.6

Other

2.3

The sector allocation of the Fund's assets is calculated by adding the market value of the Fund's investments in securities and a risk-adjusted exposure of its derivative positions. The risk-adjusted exposure is calculated using the adviser's internal methodology and is based on certain assumptions concerning the type of derivative, whether the derivative creates a long or short position, and certain market and loss scenarios. There is not one standard method for calculating sector allocation and the Fund's calculation may not be consistent with other measures of sector allocation.

Long/shorts (%)
(as of 2/28/2015)

Alternative Credit Long

2.6

Alternative Credit Short

-2.8

CMBS/ABS Long

0.5

CMBS/ABS Short

-0.1

Investment Grade Corp

0.6

Municipal Bonds

67.1

Non-Agency MBS

4.6

Other

2.3

The long/shorts percentages are calculated for each category based on the market value of the fund's investments in securities and the notional value of its derivative positions as a percentage of total assets.

^The Fund may use relative value strategies that seek to exploit pricing discrepancies between individual securities or market sectors. For more information, refer to the Fund's prospectus.

Cash portfolio stats
(as of 2/28/2015)

Number of Holdings

1111

Fund Assets

$457.58

(in millions)

Turnover Ratio

168.00%

(Trailing 12 month) (2/28/2014)

Quality*
(as of 2/28/2015)

AAA

10.3%

A-1/P-1

16.3%

AA

29.5%

A

20.4%

BBB

8.1%

BB

5.1%

B

4.3%

CCC & Lower/Other

5.9%

The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund has the ability to invest in municipal securities, the income from which is exempt from federal income tax. The risk of a municipal obligation generally depends on the financial and credit status of the issuer.

The Fund has the ability to invest up to 100% of its total assets in municipal securities. Under normal circumstances, the Fund will invest at least 80% of its assets in municipal securities.

The Fund may also invest up to 20% of its assets in a wide variety of taxable debt securities of issuers from the U.S. and other markets, both developed and emerging.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

The Fund has the ability to invest up to 50% of its total assets in high yield securities.

The Fund may invest in derivatives that may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions and could result in losses that significantly exceed the Fund's original investment. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund has an absolute return orientation which means that it is not managed relative to an index.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.

Management

William Eigen|
Managing Director
Biography

William H. Eigen III, CFA, is the head of Absolute Return and Opportunistic Fixed Income strategies for J.P. Morgan Asset Management. Prior to joining the firm in 2008, Bill headed HCM's Fixed Income Group and spent 12 years at Fidelity Investments as an analyst and lead portfolio manager, where he managed approximately $10 billion across a number of multi-sector mutual funds and institutional products, including the $8 billion Fidelity Strategic Income Fund. Bill began his career in 1990 as a Group Pension Investment consultant in the Retirement and Investment Services Group at CIGNA, where he completed his tenure as a Stable Value (GIC) Investment manager, focusing specifically on the development of dedicated fixed-income portfolio management strategies.

Richard D. Taormina, managing director, is head of the Tax Aware Strategies team within our Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, Rick is responsible for managing municipal and tax-aware mutual funds, high net worth and institutional fixed income accounts, and quantitative analysis. In 2001, Rick initiated a process that allows separately managed accounts to benefit from the power of the JPMorgan platform, including systematic strategic management, institutional level trade execution, and improved portfolio benchmarking. Rick also expanded the use of quantitative analysis and tools, allowing individuals to benefit from strategies previously available only to institutional and taxable buyers. Rick joined the firm as a state-specific mutual fund manager and strategist. Prior to joining the firm in 1997, Rick was a senior trader for national, high-yield, and state-specific funds at the Vanguard Group. He has been a municipal bond manager since 1990. Rick holds a B.A. in economics from the University of Delaware, an M.B.A. in finance from Wilmington College, and is a Certified Financial Planner (CFP).

Jennifer Tabak , managing director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in Columbus, Jennifer is a senior portfolio manager for the Tax Aware Strategies team and manages the municipal credit research team. An employee since 1991, Jennifer was previously a fixed income research analyst, providing credit research for a variety of municipal and corporate bond sectors. She graduated summa cum laude with distinction from The Ohio State University with a B.S. in business administration and is a Certified Public Accountant (non-practicing). Jennifer is also a CFA charterholder.

Education

B.S., summa cum laude, Business Administration, The Ohio State University

Nicholas Rabiecki III is a portfolio manager in the U.S. Fixed Income group. An employee since 1996, he is responsible for money market municipals. Prior to joining the firm, he worked at Lehman Brothers as a senior portfolio manager in the tax-exempt area. Prior to that, he held similar positions at Chase and Neuberger Berman.

Kevin M. Ellis, executive director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, Kevin is a portfolio manager for the Tax Aware Strategies team and is responsible for managing tax aware separate accounts. Before joining the firm in 2003, Kevin worked at Alliance Capital/Sanford Bernstein as a municipal bond trader. Kevin holds a B.S. in business administration from Boston University and is a CFA charterholder.

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund has the ability to invest in municipal securities, the income from which is exempt from federal income tax. The risk of a municipal obligation generally depends on the financial and credit status of the issuer.

The Fund has the ability to invest up to 100% of its total assets in municipal securities. Under normal circumstances, the Fund will invest at least 80% of its assets in municipal securities.

The Fund may also invest up to 20% of its assets in a wide variety of taxable debt securities of issuers from the U.S. and other markets, both developed and emerging.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

The Fund has the ability to invest up to 50% of its total assets in high yield securities.

The Fund may invest in derivatives that may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions and could result in losses that significantly exceed the Fund's original investment. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund has an absolute return orientation which means that it is not managed relative to an index.

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund has the ability to invest in municipal securities, the income from which is exempt from federal income tax. The risk of a municipal obligation generally depends on the financial and credit status of the issuer.

The Fund has the ability to invest up to 100% of its total assets in municipal securities. Under normal circumstances, the Fund will invest at least 80% of its assets in municipal securities.

The Fund may also invest up to 20% of its assets in a wide variety of taxable debt securities of issuers from the U.S. and other markets, both developed and emerging.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

The Fund has the ability to invest up to 50% of its total assets in high yield securities.

The Fund may invest in derivatives that may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions and could result in losses that significantly exceed the Fund's original investment. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund has an absolute return orientation which means that it is not managed relative to an index.

Fees and Expenses

Annual operating expenses (%)

Expense cap expiration date

06/30/2015

Expense cap

1.40%

Total annual operating expenses

1.66%

Fee waivers and/or expense reimbursements

0.26%

Net expenses

1.40%

Net Expenses,Fee waivers and/or expense reimbursementsThe Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

12b-1 Trailer information

Amount of purchases

Amount

Frequency

Start date

0-1 years

1.00%

Monthly

13th Month

After first year

1.00%

Monthly

13th Month

Fee calculator

Fund balance

Expense cap

1.40%

Total annual fees

$

Quarterly fees

$

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund has the ability to invest in municipal securities, the income from which is exempt from federal income tax. The risk of a municipal obligation generally depends on the financial and credit status of the issuer.

The Fund has the ability to invest up to 100% of its total assets in municipal securities. Under normal circumstances, the Fund will invest at least 80% of its assets in municipal securities.

The Fund may also invest up to 20% of its assets in a wide variety of taxable debt securities of issuers from the U.S. and other markets, both developed and emerging.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

The Fund has the ability to invest up to 50% of its total assets in high yield securities.

The Fund may invest in derivatives that may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions and could result in losses that significantly exceed the Fund's original investment. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund has an absolute return orientation which means that it is not managed relative to an index.

Investors should carefully consider the investment objectives, risks, charges and expenses of the J.P. Morgan Funds. This and other important information is contained in the prospectus, which can be obtained from your financial professional and should be read carefully before investing.

Opinions and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. We believe the information provided here is reliable but should not be assumed to be accurate or complete. The views and strategies described may not be suitable for all investors.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC.